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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Dec 08, 1900
Page
4
Bond and stock markets moved with caution as feared higher money costs triggered bear activity. Yesterday's closing prices show declines from Thursday's final quotations, reflecting investor unease and no forced liquidations in key issues.
The stock market saw heavy price declines for many issues amid uncertain money markets. Banks benefited from favorable lending rates, while call money pressures hinted at possible liquidity events. Bond demand remained strong for securities under par, notably Erie Wabash and Susquehanna issues. Industrials weakened but railroads rallied toward the close as bankers reported a weekly cash loss around seven million dollars.
The day’s bond operations show government issues closing weaker with final quotes. Railroad bonds display irregular trading and total par value sales of 4 000 100 against 4 271 0% prior session, with heaviest activity in Atchison, Baltimore and Ohio, Central Georgia, Chesapeake and Ohio, Chicago lines, and many 4s and 5s across major rail issuers.
London at 4 p.m. reports a full and lower market for American securities with closing prices: Atchison 29 1 2, Canadian Pacific 9, St Paul 19, Illinois Central 128, Louisville and Nashville, Union Pacific preferred 8, New York Central 146, Erie 164, Pennsylvania 72, Reading 1, Erie first preferred 4, Northern Pacific preferred 4, Grand Trunk 6, and Anaconda unknown.
The report lists money rates for various terms, call money at 4.05 percent, sixty days at 4.05, three to six months around 4.25 percent, and railroad collateral at 4.15 percent. Commercial paper commands 4.75 percent for three to six months for top names. Foreign exchange markets show a weak tone with bid rates and banker posted figures for sterling, francs, guilders, and domestic markets. Domestic exchanges show New Orleans at commercial discount and par bank rates, San Francisco sight at 2.4 percent, Cincinnati between banks at 12 to 15 cents premium, Boston par with a premium, Chicago discount at 2 cents, and Charleston buying 1/16 cent.
London spot and open market rates show 2 2 percent for short bills and 8 percent for long bills while Berlin quotes three month bills at percent and short bills at 8 percent. Berlin London exchange at 9 marks 48 pfennigs and Paris on London stands at 2 francs 9 centimes.
Total sales of bonds and railroad and other stocks are reported with varied percentages and volumes. The record lists numerous issuers such as Gen offerings, Reading Gen 4s, Rich & Dan Deb, St L Ist Gen 5s, and Wabash Ist, amid shifting prices and yields.
The Treasury's condition shows includes reserve fund gold at 150 million. Divisions of redemption list outstanding notes and gold coin. General fund highlights silver and gold assets with totals and deposits in National banks. Government receipts show customs and internal revenue for the day and month, plus year totals and Sub-Treasury balance with weekly flows and gains.
The report shows entered at the port with figures 1,466,779 2,066,833 and 1,529,496. Thrown on the market amounts are 1,467,425 2,114,078 and 1,531,028. Totals listed include 07,076,963 and 105,103,599 at port with related market completions 84,067,056 96,750,440 and 103,890,046.
London was not active in the local market with about twenty five thousand shares traded mainly in sales. Arbitage houses moved small lot activity while numerous rail and industrial issues drew attention for earnings, dividends, and strategic moves across Atchison Chicago Burlington and Quincy Missouri Pacific New York Central Northern Pacific Reading Rock Island St Paul Union Pacific Delaware and Hudson Louisville and Nashville Baltimore and Ohio Pacific Mail and others.
Principal buyers and sellers in the prior session included Van Emburgh Atterbury selling Wire and Parkinson Burr buying Sugar. Numerous houses such as Halle Stieglitz and F L Seligsberg show active buying of American Tobacco and Continental Tobacco. The day featured trading in St Paul, Brooklyn Rapid Transit, Gas utilities, and various tobacco and steel products with multiple firms across New York and regional markets.
The New York News Bureau reports weekly cash outflow from local banks totaling about 7 million dollars. Of this, 6.9 million fell to the Sub-Treasury or regular government business, leaving only 2.1 million on hand after Thursday. Expected recovery in bank cash appears unlikely given continued outflow to interior shipments and Sub-Treasury transfers.
A report notes Sub Treasury actions and the loss of several millions in lawful money by one bank, excluding counted express shipments.
Bradstreet's reports a quieter wholesale tone with some retail strength during the season. Weather favors winter goods, with better Western reports and renewed railway earnings, but Eastern retail lags. overall prices fluctuate, with gains in leather metals and raw cotton offset by declines in dried fruits oils and chemicals.
The total dividends disbursed in eleven months ending November 30 reached 114,567,462 across 200 companies in the mineral industry. Copper mines yielded 30,439,529 or 62.4 percent, with Amalgamated Copper Corp paying 6,000,000. Gold and silver mines contributed 14,292,200 or 29.3 percent of the total.
Preliminary figures show November anthracite production at 4,971,576 tons, after 13,531 tons in October and 4,688,850 tons in November of the prior year. Through November 20 the year’s total reached 29,717,196 tons, with year-ago output at 42.4 million tons. If December reaches 5,000,000 tons, this year’s total may approach last year’s 47,665,204 tons despite strikes. November revenue for anthracite rail roads was strong after weak October receipts.
Bradstreet’s weekly grain report shows wheat exports at 3 432 150 bushels, and corn exports at 5 371 377 bushels. Compare week totals rise from last week and year, with season totals since July 1 noted for both grains.
Dan's Review notes total weekly bank exchanges across leading U S cities at 2 106 980 542 with a 15 5 percent rise over last year and 1898. New York leads due to Wall Street activity while Boston Chicago and others show smaller weekly losses yet strong year over year gains. The year to date daily averages reflect increases this year with November marking the first rise from the prior year and December maintaining the trend.
The outside securities market closed irregularly with Irregular Distillers of America up over a point on about 2,500 common shares traded and two point gain for preferred on over 2,000 shares. National City Bank rose on light trading. Rubber Goods strong with about 2,000 common shares sold and preferred showing gains. Electric Boat common edged up on light sales. American Bridge quiet slightly down. Consolidated Equipment dull and down a small percent. General Carriage firm and modestly higher at close.
Readable fragment notes miscellaneous securities finished by Frederic H. Hatch at No 30 Broads. The itemization appears as a legal or financial notice with no dates or further context available in the fragment.
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